Special Force a net profit declines more than 43.16% subsidiaries are frozen

The performance of 10.39,0.10,0.97% (000025.SZ) last year pales in comparison to the 2010-year luxury performance packages handed over by auto-listed companies. According to the company's annual report of April 15, its 2010-year operating income amounted to 386 million yuan, down 10.71% year-on-year, the realization of attributable to the shareholders of the listed company net profit of 3.5844 million yuan, fell 43.16% The net cash flow generated by operating activities amounted to 7.1439 million yuan, down 73.02% year-on-year, while the basic earnings per share fell to 0.016 yuan/share and fell to 43.01%. The decline in operating income has been the plight of special force a 4 consecutive years of decline in operating income. Since 2006, when the company painted a record high of 1.14 billion yuan operating income, the end of the reporting period of 4 years of decline in the rate of 66.14%. The company said that the proposed 2010 annual profit of $3.5844 million would not be allocated and not increase. At this point, this is the special force a for 15 consecutive years did not pay dividends or increase to shareholders. Core subsidiaries affected by policy impact net profit down 90% in fact, 2009, 2010 China's auto industry ushered in a wave of blowout market, and the car plate of the upstream and downstream industries are all to earn a pot full, Recently issued a large group of prospectuses is the use of previous business expansion became the first to land a-share market car dealers group. Why is the performance of the 2010-year experience so dismal for the same car sales peers? In this respect, the company Dong Guo Dongzhi in the "Securities daily" reporter interview, Chen, the company's net profit is a large amplitude fluctuations, because the import car sales policy has changed, resulting in reduced operating income. Guo Winter further explained that the company's subsidiary of China-Japan Toyota Motor Sales Co., Ltd. (hereinafter referred to as China-Japan auto trade) Although the overall size is small, but it occupies a special power a business income of about 70%, the profit margin is particularly considerable. Last year, the adjustment of the import car sales policy, directly led to the Japanese automobile trade is difficult to maintain the previous performance, and then affect the listed company's profit performance. The annual report data also support this explanation, China and Japan Auto Trade 2009 to achieve net profit of 3.25 million yuan, can decline to 290,000 yuan in 2010 years, a decline of 91.07%. When asked about the details of the changes in the sales policy of the imported cars, Guo Dongzhi said it was difficult to explain clearly when the situation was first described. However, the company has just held a quarterly performance analysis, 2011 Special A will respond to policy changes in the operation to make some new layout and adjustment. A number of subsidiaries have been frozen in connection with the fall in business income year after year, the core subsidiaries encounter policy face, but these are far from special force A's biggest problem now. The company said that at present, the most influential to the development of the special Force, the company for the Shenzhen Petrochemical Industry Group Co., Ltd. (hereinafter referred to as the petrochemical industry) overdue repayment of RMB 57.6 million yuan to provide security litigation. Special Force a provides loans to the petrochemical industryThe litigation of security is protracted. Although the source of petrochemical industry overdue Shenzhen Agricultural Bank of 57.6 million yuan loans, the various stakeholders in the tangle and right and wrong also have their own argument, but in the year to provide security of the special force A or become the last to pay the person. In 2004, the Shenzhen Chinese Academy decided to pay a joint and several liquidation responsibility to Shenzhen Agricultural Bank of China to repay the principal and interest of 57.6 million yuan, such as overdue performance to double the period of delay in the performance of the debt. In the following 6 years, special force A has pushed the case to the second instance and the retrial, but all of them are in keeping with the verdict of the original judgment. In July 2010, the Shenzhen Municipal Court, which was the judge of enforcement, froze the 95% stake of the special Power Real Estate Co., Ltd., Trigi Investment Co., Ltd., 50% of the shares of the company, and the 60% per cent stake of the Auto Enterprise Co., Ltd., China Daily Steam trade 60% Equity and a 35% stake in Ren Fu Special Automobile Services Co., Ltd. Compared with the company's annual report, it is not difficult to find that the main holding subsidiary of Special Force a nearly half of them have been included in the scope of the freeze. The company said that, although temporarily avoided in the period of payment, the principal, interest and penalties for the huge financial pressure. But due to the large amount of money involved, special force A as a listed company's sensitive identity and other factors, have increased the difficulty of reconciliation of the case. As of the end of the reporting period, special Force A has its own monetary Fund of only 69 million yuan, but carries a 30 million-dollar payable and 42 million-yuan short-term loans; In addition, the company in recent years the focus of the water Shell Jewelry Industrial Park Project, 5 years of total capital demand amounted to about 270 million yuan. If add this sum of 57.6 million yuan of guarantee, special force A2011 the capital pressure that the year faces is self-evident.